HomeBusinessAxios to sell itself to Cox Enterprises for $525 million

Axios to sell itself to Cox Enterprises for $525 million

Jim VandeHei, Co-Founder and CEO of Axios speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, May 3, 2022.

Mike Blake | Reuters

Axios is being acquired by Cox Enterprises, the companies said Monday, with plans to expand the digital news site’s coverage to include more cities.

The deal values Axios at $525 million, according to people familiar with the matter, who asked not to be named because financial terms of the deal weren’t disclosed. Axios co-founders Jim VandeHei, Mike Allen and Roy Schwartz will remain on the company’s board and continue to manage its day-to-day operations, the companies said in a release. Alex Taylor, the CEO and chair of Cox Enterprises, will join the Axios board.

Cox, which is privately held in and based in Atlanta, had previously invested in Axios in fall 2021. The company ramped up talks to buy Axios several months ago,…

Read more at www.cnbc.com

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